- The Ethereum (ETH) price is moving close to the support range of $1858 – $1840 in its short-term technical chart. It can start its ascent from this support zone and rise up to the $1930 level with strong buying pressure.
- If ETH achieves 2-hour candle closures above the $1930 level, it can move towards the next resistance zone of $1980 – $1990.
- However, if the ETH price closes below the $1840 level for 2 hours, the downtrend can continue towards the $1791 level and then the support range of $1778 – $1775.
The short-term technical analysis of Ethereum shows that the price is moving close to critical support and resistance zones. In this article, we will discuss ETH’s reactions and possible direction at these important levels.
Medium-Term ETH Analysis
Daily ETH/USD Price Chart
At the time of writing, the Ethereum price was hovering near the daily critical support level of $1880. If the ETH price achieves daily candle closures above the $1880 level, it can rise from this zone and show movements towards the $2023 level again.
ETH investors have set their stop-loss level for ETH purchases at $1828, which is below the $1880 level. If the ETH price closes below the $1880 level on a daily basis and continues this decline, it can extend the downtrend to the $1840 level and then to the $1825 level.
If ETH fails to rise above $1880 again after experiencing declines in the $1840 – $1825 range, it can indicate its intention to continue the downtrend and extend it to the support range of $1778 – $1775.
However, encountering strong buying pressure from the $1778 – $1775 support range is of great importance for the uptrend. If the ETH price starts to rise from this support zone with strong buying pressure, it can first reach the $2100 level and then the $2350 level.
Short-Term ETH Price Analysis
2-Hour ETH/USD Price Chart
When we examine the short-term technical chart of Ethereum, we see that it is moving near the $1858 level. If the ETH price encounters strong buying pressure from the support range of $1858 – $1840, it can start its uptrend from this support zone and rise up to the $1930 level.
If the Ethereum price achieves 2-hour candle closures above the $1930 level, it can continue its rise towards the next resistance zone of $1980 – $1990. However, strong buying reactions from the $1858 – $1840 support range are of great importance for ETH.
If the ETH price closes below the $1840 level for 2 hours and fails to rise above $1840 again, it can extend the downward movement to the $1791 level. It is expected that ETH will start its upward movement from the $1791 – $1777 support range. The $1791 – $1777 support range, which is of great importance for ETH investors, needs to be closely monitored in order to achieve the $2300 upward target for ETH.
